Notably, the US and Japan export markets benefited during a tumultuous 2008, offsetting some of the worst impacts of the credit crisis and economic chaos.

Despite the stronger $A at the start of January, the MLA points out, the $A remains 18pc lower against the $US, than at this time last year.

It remains 30pc lower against the Japanese yen.

However, the blast from the credit crisis and the deteriorating economic outlook remains.

It has disrupted export trade, causing some importers to cancel contracts or seek renegotiated prices.

Many importers and end users also have moved to hand-to-mouth buying until dear stocks are cleared, credit is obtained and the trading situation becomes clearer.

The Australian dollar is ending the first week of January on US70.8c on Friday, after hovering around the US70c for much of the week.

Since the start of January, the $A has reached its highest level since early October, trading, at one stage, above US71.2¢.

After starting December at US64.8¢, the $A has appreciated 10pc against the $US, 7pc on the Japanese yen and 3pc against the European euro, as world commodity prices start to rebound.

While the 2009 outlook for the $A is most uncertain, it is unlikely to be as volatile as 2008, the MLA says.

While the $A averaged US85.3¢ for the past calendar year, up 2pc from 2007’s average of US83.9¢, it ranged from trading highs of US97.9¢ in mid-July, to a low of US61¢ in late October.

Similar to its movements against the $US, the $A averaged 18pc higher against the Korean yen in 2008 and 7pc stronger against the Indonesian rupiah.

While the $A averaged 10pc lower against the Japanese yen in 2008, at 88.6yen, it peaked at 104.2yen in late July and then dropped 40pc through to the end of the year, finishing at 62.6yen.

The $A also averaged 6pc lower against the European euro in 2008, at 57.7euro.